The impact of GST on gems and garments industry

The impact of GST on gems and garments industry

GST

Ritul Patwa

Ritul Patwa

12 Jun 2017, 14:38 — 2 min read

The GST is around the corner and everyday we find out more information of how it will impact certain sectors.

 

The GST Council, at it’s 15th Meeting held on 03rd June, 2017, has announced the Rate of GST on Gold, Gemstones & Jewellery. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes:

 

1. Rate of GST on gold – 3 per cent

2. Rate of GST on jewellery – 3 per cent

3. Rate of GST on rough diamonds – 0.25 per cent

4. Rate of GST on diamonds and gemstones – 3 per cent

  

The Rate of GST on apparels, readymade garments & textiles was also announced:

 

1. Rate of GST on apparels below Rs. 1000 : 5 per cent [No cash refund of ITC]

2. Rate of GST on readymade garments : 12 per cent [No cash refund of ITC]

3. Rate of GST on fabric & yarn of cotton : 5 per cent

4. Rate of GST on natural yarn : 5 per cent

5. Rate of GST on man-made yarn : 18 per cent

6. All process of textiles : 5 per cent


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